It's difficult to ignore how green Argentina $ARGT has been on our rankings ever since Javier Milei's election victory. It's been such a standout in a region that has struggled in recent times.

Compare Argentina $ARGT to the remainder of Latin America.

A development that has us curious is whether Latin America broadly speaking while begin to recover into the new year.

Here is the iShares Latin America ETF $ILF sitting on a key level of support; this is a logical area for this region to see a recovery from its recent weakness.

This year, much of the buzz has been around technology subgroups, especially Semiconductors.

However, two less-hyped but highly consistent performers have been Insurance and Aerospace & Defense. Over the past three months, these "boring" sectors have shown steady strength, staying consistently green.

Year-to-date, Insurance ($IAK) has delivered an impressive 26.40% return (green line), while Aerospace & Defense ($ITA) has climbed 18.30% (blue line).

Even more encouraging is that both are sitting near logical support levels, presenting favorable entry opportunities—assuming their strong trends persist.

Speculative growth has been the strongest theme into the end of the year.

But interestingly, we're noticing a major divergence between U.S. growth and E.M. growth. While the former is at the top of the rankings, E.M. growth has transitioned to red.

We need to see the Emerging Market Internet ETF $EMQQ reclaim this breakout level if we want to have a more positive stance on this theme.

We’ve noticed a significant shift in both Large Cap Technology ($XLK) and Equal Weight Technology ($RSPT), as they transition from red to deeper shades of green, as illustrated below.

This suggests a resurgence of growth leadership heading into 2025.

From a technical perspective, the breakout of the Large Cap Technology ETF ($XLK) from a six-month base further supports this trend.

With this setup, there’s considerable potential for technology to push higher as we move into the new year.

We're seeing a stronger performance in larger stocks and those within the growth factor, with more of them in the green compared to smaller and value stocks.

This is especially clear in the Small Cap ETF ($IWM), which recently failed at a key level of resistance.The Vanguard FTSE Europe ETF ($VGK) breaking down to fresh lows is particularly concerning. A swift recovery here is essential to shift the narrative.

Typically, after a rejection like this, we tend to see a period of sideways movement as the market absorbs overhead supply before the next move higher.

One striking observation is the widespread underperformance of European ETFs, which are predominantly in the red.

Visualize this: a map of Europe shaded with the same colors as the table. With few exceptions, the dominance of red over green is hard to miss.

The Vanguard FTSE Europe ETF ($VGK) breaking down to fresh lows is particularly concerning. A swift recovery here is essential to shift the narrative.

While value stocks have been beaten down in December, what remains unchanged is the weakness out of energy.

Just look at how much red is in all the energy industry groups.

The broader sector has been in a straight line lower this month, eroding any YTD gains it had. There's no sign that this weakness is changing.

Speculative growth has been a strong area of leadership since the election.

You can see how the flagship Innovation ETF $ARKK has transitioned from deep red to deep green, along with the other funds.

While we've seen ARKK sell-off following the FOMC, the longer-term picture is crystal clear.

This is an area of the market that has undergone a structural trend reversal, which is clearly bullish looking out into 2025.

I've noticed that the technology sector ETFs have turned from red (or light green) to a darker shade of green.

This makes sense with growth picking up steam while value has cooled off.

All technology sector ETFs look prime to break to new highs. While larger technology companies have outperformed, it's positive for the sector to see all three at their highest level they've been all year.

Large Cap Growth $IWF is green.

Large Cap Value $IWD is red.

This month, there has been a substantial divergence between a select few growth names and the rest of the market. Breadth has been lackluster.

Just look at the divergence between the two.

This doesn't mean the stock market has to crash, but I think this is a regular speed bump in an otherwise healthy bull market.